Solana (HSDT) Research & Development (2016 - 2025)
Solana's (HSDT) quarterly Research & Development came in at $886000.0 in Q4 2025, down 4.11% year-over-year from $924000.0 in Q4 2024, and up 3.26% quarter-over-quarter from $858000.0 in Q3 2025.
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Solana (HSDT) Research & Development (2016 - 2025) Analysis & Trends
Solana has disclosed Research & Development across 10 years of filings, most recently posting $886000.0 for Q4 2025.
- In Q4 2025, Research & Development fell 4.11% year-over-year to $886000.0; the TTM figure through Dec 2025 stood at $3.5 million (down 4.04% YoY), while the FY2025 annual figure was $3.5 million, down 4.04% from the prior year.
- Research & Development came in at $886000.0 for Q4 2025 at Solana, up from $858000.0 in the prior quarter.
- In the past five years, Research & Development ranged from a high of $1.8 million in Q4 2021 to a low of $650000.0 in Q4 2023.
- Average Research & Development over 5 years is $1.0 million, with a median of $886000.0 recorded in 2023.
- Year-over-year, Research & Development jumped 118.62% in 2021 and tumbled 56.08% in 2022.
- Over 5 years, Research & Development stood at $1.8 million in 2021, then sank by 56.08% to $794000.0 in 2022, then declined by 18.14% to $650000.0 in 2023, then soared by 42.15% to $924000.0 in 2024, then fell by 4.11% to $886000.0 in 2025.
- Per Business Quant data, the three most recent Research & Development figures were $886000.0 in Q4 2025, $858000.0 in Q3 2025, and $822000.0 in Q2 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Circle Internet | 23.15 Bn | 21.42 Bn | 288.85 Mn | - |
| 2 | Galaxy Digital | 4.86 Bn | 3.30 Bn | 8.38 Bn | - |
| 3 | Gemini Space Station | 545.12 Mn | 356.50 Mn | - | 8.82 Mn |
| 4 | Solana | 176.26 Mn | 172.62 Mn | 2.45 Mn | - |
| 5 | Empery Digital | 85.00 Mn | 85.00 Mn | -68,184.00 | 2.38 Mn |
| 6 | Metalpha Technology Holding | 42.47 Mn | 38.53 Mn | - | - |
| 7 | Fold Holdings | 29.04 Mn | 637,726.97 | 5.36 Mn | - |
| 8 | Amber International Holding | 16.89 Mn | -17.36 Mn | 11.06 Mn | -1.56 Mn |
| 9 | Fabric.AI | 10.22 Mn | -11.45 Mn | - | 689,892.00 |
| 10 | CEA Industries | 5.16 Mn | 2.10 Mn | 2.64 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 886,000.00 |
| Sep 30, 2025 | 858,000.00 |
| Jun 30, 2025 | 822,000.00 |
| Mar 31, 2025 | 945,000.00 |
| Dec 31, 2024 | 924,000.00 |
| Sep 30, 2024 | 1.08 Mn |
| Jun 30, 2024 | 870,000.00 |
| Mar 31, 2024 | 788,000.00 |
| Dec 31, 2023 | 650,000.00 |
| Sep 30, 2023 | 722,000.00 |
| Jun 30, 2023 | 684,000.00 |
| Mar 31, 2023 | 886,000.00 |
| Dec 31, 2022 | 794,000.00 |
| Sep 30, 2022 | 751,000.00 |
| Jun 30, 2022 | 953,000.00 |
| Mar 31, 2022 | 1.76 Mn |
| Dec 31, 2021 | 1.81 Mn |
| Sep 30, 2021 | 1.49 Mn |
| Jun 30, 2021 | 1.38 Mn |
| Mar 31, 2021 | 1.32 Mn |